Global Gas Corp. Faces Delisting Concerns
Ticker: HGASW · Form: 8-K · Filed: Jun 24, 2024 · CIK: 1817232
| Field | Detail |
|---|---|
| Company | Global Gas CORP (HGASW) |
| Form Type | 8-K |
| Filed Date | Jun 24, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $11.50 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, compliance
Related Tickers: HGAS
TL;DR
HGAS might get delisted - big trouble for shareholders.
AI Summary
Global Gas Corp. (HGAS) filed an 8-K on June 24, 2024, reporting a notice of delisting or failure to satisfy continued listing rules. The company was formerly known as Dune Acquisition Corp. and changed its name on July 8, 2020. The filing indicates potential issues with maintaining its listing on the stock exchange.
Why It Matters
This filing signals potential financial distress or non-compliance with exchange rules, which could lead to the stock being removed from trading, impacting investors.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards indicates significant risk to the company's continued trading status.
Key Players & Entities
- Global Gas Corp. (company) — Registrant
- Dune Acquisition Corp. (company) — Former company name
- June 21, 2024 (date) — Earliest event reported
- June 24, 2024 (date) — Date of report
- July 8, 2020 (date) — Date of name change
FAQ
What specific listing rule or standard has Global Gas Corp. failed to satisfy?
The filing does not specify the exact rule or standard that Global Gas Corp. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the earliest event date reported in this 8-K filing?
The earliest event date reported in this 8-K filing is June 21, 2024.
When did Global Gas Corp. change its name from Dune Acquisition Corp.?
Global Gas Corp. changed its name from Dune Acquisition Corp. on July 8, 2020.
What is the SEC file number for Global Gas Corp.?
The SEC file number for Global Gas Corp. is 001-39819.
What is the business address of Global Gas Corp.?
The business address of Global Gas Corp. is 99 Wall Street, Suite 436, New York, NY 10005.
Filing Stats: 833 words · 3 min read · ~3 pages · Grade level 14.5 · Accepted 2024-06-24 17:02:46
Key Financial Figures
- $0.0001 — tered Class A common stock, par value $0.0001 per share HGAS The Nasdaq Stock Mar
- $11.50 — mon stock, each at an exercise price of $11.50 per share HGASW The Nasdaq Stock Ma
Filing Documents
- ea0208412-8k_global.htm (8-K) — 33KB
- 0001213900-24-055277.txt ( ) — 250KB
- hgas-20240621.xsd (EX-101.SCH) — 4KB
- hgas-20240621_def.xml (EX-101.DEF) — 26KB
- hgas-20240621_lab.xml (EX-101.LAB) — 36KB
- hgas-20240621_pre.xml (EX-101.PRE) — 25KB
- ea0208412-8k_global_htm.xml (XML) — 6KB
01. Notice
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously reported, on December 22, 2023, Global Gas Corporation (the "Company") received a notice (the "Notice") from the staff of the Listing Qualifications Department of Nasdaq indicating that, unless the Company timely requested a hearing before the Nasdaq Hearings Panel (the "Panel"), the Company's securities (common stock and warrants) would be subject to suspension and delisting from Nasdaq on January 3, 2024, due to the Company's failure to satisfy the initial listing standards of The Nasdaq Capital Market upon closing of the Company's previously announced business combination in accordance with Nasdaq Rule 5101-2. Specifically, the Company was unable to demonstrate compliance with the Stockholders Equity, Publicly Held Shares, Market Value of Listed Securities and Market Value of Publicly Held Shares requirements set forth in Nasdaq Rule 5505. The Company timely requested a hearing before the Panel, which resulted in a stay of any suspension or delisting action pending the hearing. The Company was granted until June 20, 2024 to demonstrate compliance with the above-referenced listing rules but was unable to do so by such date. As a result, on June 21, 2024, the Company received notice that the Panel has determined to delist the Company's securities from Nasadq and will subspend trading in its securities on the exchange effective at the open of business on June 25, 2024. Nasdaq is expected to file a Form 25 with the Securities and Exchange Commission to remove the Company's securiites from listing and registration on Nasdaq, which Form 25 will be effective 10 days following the filing of such form. The Company's securities will trade on the OTC marketplace following the delisting.
Forward-Looking Statements
Forward-Looking Statements This Current Report on Form 8-K (the "Report") includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are results to differ from the forward-looking statements. These forward-looking statements and factors that may cause such differences include, without limitation, the ability of the Company to have its securities listed on another securities exchange and the risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GLOBAL GAS CORPORATION Date: June 24, 2024 By: /s/ Carter Glatt Name: Carter Glatt Title: Chairman of the Board 2